Gov. Rick Snyder has signed a bill that allows companies to get capital for start-up or expansion by “crowdfunding,” according to a news release Monday from Snyder’s office.

The bill, introduced in September by Rep. Nancy Jenkins, R-Clayton, was passed by the Legislature earlier this month.

Crowdfunding is generally described as many people making small investments in a company, usually through an Internet site.

Adrian Downtown Development Authority and economic development coordinator Chris Miller, who was instrumental in getting Jenkins to introduce the legislation, said Monday that at least one local crowdfunding project is ready for announcement. Miller said he would wait to see if there is a ceremonial bill signing, and if so, the project probably would be announced at that time.

“There are a ton of people who are just waiting for this to happen,” Miller said.

Ken Silfven, a spokesperson for Snyder’s office, said Jenkins is on the list for a photo opportunity with the governor connected to the bill, but no date for that has been set.

An attempt to reach Jenkins Monday afternoon was unsuccessful.

Jenkins has announced a seminar called “Crowd Connections” to take place Jan. 10 at the Christian Family Centre in Adrian for people who want to learn more about crowdfunding. Admission to the seminar is free but reservations are required by Thursday, Jan. 2, by calling Jenkins’ office, 517-373-1706, or by emailing NancyJenkins@house.mi.gov.

The legislation allows intrastate investing only, meaning companies seeking funds would have to be organized or incorporated under Michigan law and investors would have to be Michigan residents.

“It’s going to put Michigan at the front of the crowdfunding world,” Miller said of the legislation.

The stock offerings and investments would not be regulated by the U.S. Securities and Exchange Commission, which has jurisdiction over interstate stock offerings.

Under the new law, there is a $1 million fundraising cap within a 12-month period if the issurer of shares does not provide an audit, and a $2 million cap is the issuer does provide an audit.

There is a $10,000 limit on investment by nonaccredited investors but no limit for accredited investors.

Accredited investors must have a certain high level of net worth or annual income.